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and cuts in defense spending. it did not announce any new action to stimulate the economy. wall street reacted by giving up some of its recent gains. the dow jones industrial average lost 44 points to close at 13,910. the nasdaq fell 11 points to close at 3,142. those are some of the day's major stories. now, back to jeff. >> brown: whither the economy? that's been the question for quite a while now. today, there was a surprising and perhaps confusing new twist. the commerce department reported that gross domestic product actually shrank in the last quarter of 2012. the drop was small, one tenth of a percent. but it was still the first time economic output had fallen in three and a half years. government spending dropped, most dramatically in the defense sector. the report, though, also contained some positive developments: consumer spending and business investment were both up. and yesterday, the so-called case-shiller index found that housing prices grew in 20 major cities by an average of 5.5% over the previous year. it was the biggest gain in six years. we talk it through, with joe
newshour has been provided by: ♪ ♪ moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and. >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> woodruff: former u.s. senator chuck hagel faced a hostile reception today from half of the committee that must sign off before he can become secretary of defense. his senate confirmation hearing centered heavily on criticism from his one-time republican colleagues. the atmosphere was friendly enough at the outset as chuck hagel began his big day before the armed services committee. he quickly sought to allay concerns on both sides about his positions on everything from iran to israel to nuclear weapons. >> no one individual vote, no one individual quote, no one individual statement defines me, my beliefs, o
news of the day. here's hari sreenivasan. >> sreenivasan: the u.s. economy grew in january, but not enough to slow down unemployment. u.s. employers added 157,000 jobs last month, but the unemployment rate still ticked up to 7.9%, showing job availability isn't keeping pace with the number of people who want to work. the labor department figures also painted a better picture for hiring at the end of 2012. white house press secretary jay carney welcomed that news, but said it was not good enough. >> we still have work to do and we need to make sure that when we device economic policies and we negotiate with congress on how to move forward, that we cannot neglect the essential responsibility to insurance that the policies we put in place promote job creation, promote economic growth. >> sreenivasan: on wall street, the jobs numbers pushed the dow jones industrial average above 14,000, a level it hasn't reached since 2007. the dow was up 149 points to close above 14,009. the nasdaq rose 37 points to close at 3,179. for the week, the dow gained three-quarters of a percent, and
the economy collapsed. it was those types of products that were securitize, they were put into investment vehicles but in order for those investment vehicles to be purchased bid pension funds, mutual funds, they had to be rated so it was standard & poor's that would say to them that the c.b.o.s had the highest rating, the a.a.a. rating. only then were they able to be purchased by these investors but all along it was well known that those investments, that collateral, was not as good as they said. so at the end of the day if you look at why the financial collapse took place and why it was so large it was because you had standard & poor's saying that these were good and they were really bad. >> brown: s&p put out a statement right away, yesterday, they said, look, we used our best judgment and they said in essence everybody was wrong. a quote "unfortunately, s&p like everyone else did not predict the speed of the coming crisis." how do you prove otherwise? >> you prove it when you look at their, mals and models they could have used that have better insulation and you see what was driving th
there have confirmed that there is expected to see a net gain to our economy from a legalization program, but the most important thing... >> the c.b.o. score... ifill: just allow her to finish. i'll be right back with you >> but the most important thing to also take into account is that over the past four years, 1.6 million immigrants have been deported. just last year at a cost of $18 billion. i think what we need really is an immigration system for the 21st century. i know mr. kobach wants to keep promoting anti-immigrant laws. and in many ways is opposed to illegal immigration but we need a system that works >> i think that last characterization was completely inaccurate. i and many other americans who favor the rule of law are very much in favor of legal immigration. we are a country based on the rule of law but illegal immigration does no good for our economy. in terms of those costs the c.b.o. numbers don't take into account those... the medicaid medicare and all the other welfare program costs in the out years. it is a huge huge drag on our fiscal situation if we basically give ac
. >> major funding for the pbs newshour has been provided by moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: for the first time in years, there was serious talk today of getting congress to act on immigration. senators from both sides of the aisle joined to offer propose manies and said they'll work to get them passed by summer. >> we are dealing with 11 million human beings who are here undocumented, the vast and enormous majority of whom have come here in pursuit of what all of us would recognize as the american dream. that's what we endeavor to move forward here on. >> ifill: that announcement today moved immigration reform to the front burner in congress. eight senators, f
for the pbs newshour has been provided by: moving our economy for 160 years. bnsf, the engine that connects us. >> and by the alfred p. sloan foundation. supporting science, technology, and improved economic performance and financial literacy in the 21st century. >> and with the ongoing support of these institutions and foundations. and... >> this program was made possible by the corporation for public broadcasting. and by contributions to your pbs station from viewers like you. thank you. >> ifill: president obama made his first second-term foray outside washington today, with a call to stop gun violence. it was part of a campaign-style effort designed to goad congress into action. >> we don't have to agree on everything to agree it's time to do something. >> ifill: the president took that message to minneapolis, a city that's already imposed stricter background checks on gun buyers. the white house plan calls for those checks, a renewed ban on assault-style weapons and limits on high-capacity magazines for ammunition. >> the only way we can reduce gun violence in this country is if the ameri
Search Results 0 to 29 of about 30 (some duplicates have been removed)

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